A lot of attention was focused today on whether or not Janet Yellen would use the term ‘patient’ in her remarks. As it turned out Yellen omitted the word ‘patient’ and the dollar proceeded to tank.
The dollar delivered a very bearish follow through to the swing high that printed yesterday. While we lack a trend line break I believe that this is safe to say that the dollar has begun its daily cycle decline.
With the dollar tanking, the CRB delivered a bullish reversal deep in its timing band for a daily cycle low. A break above 212.13 forms a swing low signaling a new daily cycle.
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